ルー・ディン

China-originated Enterprises in Singapore: Some Preliminary Observations(Draft, do not cite or quote without author’s approval)

Lu Ding

In the past two decades, China has successfully developed itself into a “world factory”
and became a new global economic powerhouse. Since the turn of the century, the giant
economy has emerged as a new source of global capital, as the Chinese government
openly promotes a policy of encouraging domestic companies to “go out”.
According to China’s Ministry of Commerce, by end of 2003, Chinese companies
had invested US$33 billion in 7,470 companies throughout more than 160 countries andterritories. Of those, direct overseas investment by non-financial companies such as
manufacturers reached a total of US$2.8 billion.1 Although China’s outward investment
is still dwarfed by the scale of foreigners’ inward investment in China, which is expected
to hit a record US$60 billion in 2004, the fast rise of China as a global investor is aphenomenon too significant to be under-attended.
In this paper, we will first examine some general trends of China-originatedinvestment in recent years and the Chinese government’s policy in this regard. We willthen present some preliminary observations of China-originated companies (COEs,
zhongzi qiye) in Singapore. In particular we will look into data of the listed China-relatedcompanies and identify some of their business features. Finally, we will discuss thecauses of COE development in Singapore.

1. A NEW SOURCE OF GLOBAL CAPITAL
Trends and Features
The rapid growth of outward investment by Chinese companies in recent years has
displayed several features, as summarized by China’s Ministry of Commerce recently.2
First, these companies have ventured into geographical areas well beyond Hong Kong,
Macao and a few OECD countries, the destinations traditionally favoured by Chinesecompanies. Many have invested in Southeast Asia, Eastern Europe, former Soviet states,
1

AP, “Chinese firms on overseas buying spree”, Straits Times (Singapore), 1 October 2004.
“Five features of China’s overseas investment”, Lianhe Zaobao (The United Mornings, Singapore), 20
September 2004.

2225

第１セッション〈経済〉

and even Africa. In terms of business scope, Chinese companies used to concentrate inexport-and-import trades, navigation, and restaurant business. Nowadays, they have gone
into manufacturing, construction, resource excavation, agriculture, and R&D projects.
Second, resource excavation has been a hot area of business. By end of 2003, a
total of US$6 billion had been invested in 58 overseas oil and gas projects with annual
sales of US$ 5 billion while another US$1 billion was invested in 10 mineral ventures.
Chinese companies had also invested US$108 million in 71 ocean fishery ventures.
Third, offshore processing trade accounted for US$ 1.37 billion of contractual
investment in over 500 projects by end of 2003. These projects involve textile, homeelectronics, electrical machinery, chemical and pharmaceutical industries.
Fourth, large enterprises have played a major role in outward investment. There
are a total of 30,000 Chinese companies involved in overseas businesses and investment
projects, among which 1,600 have been approved for qualification of doing overseas
contractual projects and service-cooperation ventures. A few have become multinational
corporations.
Fifth, Chinese companies have opened more channels for overseas investment. An
increasing number of cases have involved trans-national mergers and share swaps. In
2003, Chinese companies invested US$ 834 million to merge or take over foreigncompanies, accounting for 40% of China’s total contractual investment overseas. There
have been more cases of Chinese firms buying foreign distribution networks andfranchises.
On top of these developments, more China-originated companies have been
listed in overseas stock markets. By July 2002, there were 135 COEs listed in Hong Kongstock exchange, 24 in New York stock exchange, and 9 in Singapore Exchange. By endof 2003, the numbers had shot up to 250, 39, and 33 respectively. In Hong Kong, COEs
accounted for 38% of market valuation of listed companies.3 In the first three quarters of
2004, another 19 COEs launched IPO in Singapore stock exchange.4

3

Sun Q, “Overseas listing: the new growth point of China’s exports”, Lianhe Zaobao (The UnitedMornings, Singapore), 18 February 2004.
4
Tav, E. “Singapore ideal for global expansion of China firms”, Straits Times (Singapore), 12 October
2004.

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CausesWhy, as billions of dollars of foreign capital being attracted by low-cost labour
and lucrative opportunities in China’s booming economy, a growing number of Chinesecompanies are “going out”? The growing strength of some Chinese companies must be a
primary cause. As these companies growing stronger and larger, it is just a matter of timethat they are to venture overseas. Ahmad (2004) noticed that the three big Chinese oilcompanies, PetroChina, Sinopec, CNOOC, and the three big Chinese manufacturers,
Baosteel (steel making), Haier (household appliances) and TCL (electronics), “have vastassets, healthy profits and listed subsidiaries. Increasingly, they are also buying assets
overseas. The three oil groups have operations in more than a dozen countries.” CNOOC
has become Indonesia’s largest offshore oil producer after its $585m takeover in 2002 of
Repsol’s operations there. Baosteel has negotiated China’s biggest ever overseas
corporate investment worth $1.5 billion in Brazil. Haier has long been ambitious tobecome a global leader in the industry and has in the past few years aggressively setting
up overseas branches and manufacturing plants.5
Opening subsidiaries overseas, especially being listed in overseas stock markets,
certainly makes it easier for Chinese companies to raise capital. Before 2000, China’s
stock market regulators had quotas for IPOs, which capped the number of companies tobe listed in domestic stock exchanges. Under the quotas, companies qualified for public
listing had to queue a long time for listing. Starting in 2000, the quota was removed and
IPOs have been based on applicants’ qualifications. Despite that, the fact that only 29
financial institutions were able to underwrite public listing has continued to limit the
chance of companies to be listed in the domestic stock market. For firms corporatized for
public listing, they have to wait for a “probation period” of one year before IPO.6 Facing
a long waiting time and limited opportunities, many companies seeking public listing
have turned to overseas markets. The lower transaction costs of some overseas markets
such as Hong Kong and Singapore also make them attractive to China-originatedcompanies.

5
6

Ahmad, S. “Behind the mask”, The Economist, 18 March 2004.
Sun Q, 2004.

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第１セッション〈経済〉

Government support has given important impetus to the recent wave of outward
investment by Chinese companies. China first adopted the so-called “going out” policy toencourage Chinese overseas investment in 1999. According to China’s Vice Premier, Wu
Yi, China’s companies should “go global” and “to encourage capable Chinese companies
to go out is an important policy of the Chinese government”.7 The government support ishighlighted by the dominance of state-owned companies in China’s overseas asset
acquisitions in recent years. Meanwhile, the government encourages companies to seek
listing in overseas stock markets for several reasons. One is to solve the dilemma of
restructuring state-owned companies and the stable growth of the domestic stock market.
To restructure the state-owned companies, the government has to make more of themlisted in stock market and release more shares of those already listed from government
holding to the public. However, if the supply of stocks for trading increases too fast, thestock prices may be dampened. To solve this dilemma, the government encourages
corporatized (restructured) state-owned enterprises to go for public listing in overseas
markets. Apart from that, the regulators also hope that restructuring these state-owned
enterprises for overseas listing will facilitate the development of modern enterprise
institutions and corporate governance in China. In a guideline document for capital
market development issued in February 2004, China’s State Council stressed its
continued support to qualified companies seeking public listing in overseas market. In
October 2004, Ministry of Commerce eased controls and streamlined application
procedures for local companies to invest overseas. In particular, it abolished therequirement for the Ministry to review companies’ investment feasibility studies prior totheir approval. It also reduced the number of overseas investment application documentsfrom 10 to 5, and in future, plans to introduce online application documents and approval
certificates.8
Under China’s foreign exchange regulations, capital account transactions arestrictly monitored and controlled by the monetary authority while the foreign exchange
purchase for current account transactions is permitted on the principle of real needs.
Having overseas business operations provides more leeway for firms to justify their needs.

7
8

AP, op. cit.
AFP, “China eases rules for firms to invest overseas”, Straits Times (Singapore), 14 October 2004.

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This is particularly important for companies that need to transfer funds overseas forwhatever reasons. For many private entrepreneurs, the unsecured property rightprotection in China has prompted them to seek ways of transferring assets overseas.
Compared to domestic regulations and capital market practices discriminative to private
businesses, the institutional environment in some overseas markets may be more friendly
to these businesses.

2. CHINA-ORIGINATED ENTERPRISES IN SINGAPORE
Trends and Features
Southeast Asia has been a major destination for China’s outward investment. By
the end of 2003, China-originated companies have invested US$ 940 million in 857
projects in ASEAN countries.9
The region is also China’s major market for contractual construction projects andservice cooperation. By the end of 2003, COEs had signed contracts for construction
projects, service cooperation and designing services worth US$ 24.99 billion in thisregion, equivalent to 15% of China’s total overseas contract value. They had achieved
sales of US$ 17.05 billion in the region, accounting for 13.7% of Chinese companies’
overall overseas sales.10
Singapore, with its strategic geographic location, excellent infrastructure, welldeveloped financial market, and business-friendly environment, has been one of the mostfavourite venues for the China-originated companies. According to Chinese Enterprise
Association (Singapore), a total of 1,270 China-originated enterprises have registered in
Singapore, with total assets exceeding S$ 9 billion and dozens of thousand employees. In
Singapore Exchange, there are over 50 China-originated listed companies, most of whichwere listed in the last three years. All of the largest 100 companies in China have set up
subsidiaries in Singapore.11
To observe the features of China-originated companies in Singapore, a difficult
issue is identification. In a migrant society with 75% of population being ethnic Chinese,
9“China’s outward investment: ASEAN as an important destination”, Lianhe Zaobao (The UnitedMornings, Singapore), 14 July 2004.
10
Ibid.
11
Xu F. “China-originated enterprises clustered in Singapore”, Lianhe Zaobao (The United Mornings,
Singapore), 17 September 2004.

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第１セッション〈経済〉

it is not easy to define the concept of China-originated companies. Many established
enterprises operated and owned by Chinese Singaporeans can trace their roots to China
by historical accounts. For our research interests, we want to identify those companies
originated from PRC, or mainland China. These companies may include the following
categories:(1) Singapore subsidiaries of parent companies registered and located in mainland
China;(2) Singapore subsidiaries of parent companies registered and located in a third
territory, such as Hong Kong or US, of which the main shareholders are frommainland China;(3) Companies registered in Singapore with the main shareholders from mainland
China;(4) Singapore companies indirectly controlled by investors from mainland China;12(5) Joint ventures between mainland Chinese investors and investors from Singapore
and other places.
Of the above, only category (1) is relatively easy to identify. For category (2), it is
not only difficult to identify the “real owners” but also tricky as how to draw the timeline
for definition. Most of the business giants in today’s Hong Kong were founded bymigrants from other Chinese cities such as Shanghai before or in the early 1950s. For our
research interests, maybe we should focus on the companies founded by mainlanders whocame after China opened itself up in the mid-1980s. However, it is still reasonable toassume the “China-originality” for those companies founded by Chinese government in
the 1950s to 1970s. As for categories (3), (4), and (5), it is only possible to identify their
China-originality by digging into each company’s historical profile or interviewing theirCEOs. It is not clear what criteria the Chinese Enterprise Association (Singapore) used tocome up with its statistics of 1,270 China-originated enterprises. As a reference,
Singapore government’s Economic Development Board was quoted in November 2003
as counting about 250 China-originated companies operating in the city state, a 56%
12

To bypass Chinese government’s approval procedures to seek overseas listing, a favourite way among
mainland Chinese investors is to set up a shareholding company in Singapore as leverage to acquire thecontrolling share of a Singapore listed company. The Singapore listed company can also be used by themainlanders as a leeway to transfer funds overseas, circumventing China’s capital account controls [Tan L.
“China’s money flowing into Singapore”, Lianhe Zaobao (The United Mornings, Singapore), 15 July 2004.]230

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increase from 160 in 2002.13 In April 2004, however, the chairman of EDB endorsed the
CEA’s claim of over 1,200 China-originated companies having been set up in
Singapore.14
A recent count of COEs was provided by Lim Hng Kiang, Minister for Trade andIndustry: “Today, Singapore has a diversified mix of Chinese companies. The number ofChinese enterprises incorporated here has jumped from about 100 a year from 1993 to
2002, to 200 in 2003. As at end 2003, we have a total of 1,160 Chinese wholly-owned
and joint venture companies incorporated here. Most of these Chinese companies are in
the trading, consultancy and construction-related sectors. But the number of Chinese
technology-related companies here is growing. Today, there are already 74 suchcompanies here.”15 From this statement, we can infer that the 1,160-1,270 figures may
include all registered (incorporated) enterprises wholly or jointly owned by mainland
Chinese.
Even if we focus our attention to listed companies in Singapore Exchange (SGX),
the above identification issues remain. Of the total of 449 companies listed in the mainboard (as of September 2004), only 2 companies are categorized under “China”, 3 under“Hong Kong”, and 2 under “ROC, Taiwan” at Singapore Exchange website(info.sgx.com). Fortunately, the Chinese embassy at Singapore has compiled a list of 56“China-related companies” (as of October 2004) at Singapore Exchange website.16
Although the website does not give an explanation of the selecting criteria, a preliminary
check with profiles of companies in this list suggests that it may include some companies
in categories (1), (2) and (3). It is not clear whether the selection is exhaustive, i.e.
whether all companies under these categories are included. Nor is it clear whether
companies in categories (4) and (5) are included. Some companies such as Dragon Land,are owned and founded by Singaporeans, with most (or all) operations conducted inmainland China. It is quite plausible to assume that such companies have joint ventureswith mainland Chinese investors and thus belong to category (4). Since the list does not
13
Reuters, “‘Little America’: that’s how some China firms see Singapore”, Straits Times (Singapore), 18
November 2003.
14
Teo Ming Kian, Speech on CEA’s Fifth Anniversary Banquet, 24 March 2004, www.sedb.com.cn.
15
Lim Hng Kiang, Speech at the Opening of Enterprise Exchange at Global Entrepolis 2004, 12 October
2004, app.sprinter.gov.sg.
16
http://www.sgx.com/chn_emb/All_In_One_Info.html.

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第１セッション〈経済〉

include several listed Singapore companies well-publicised for being controlled andacquired by mainland Chinese (such as TSM, Armarda, Cyber Village, Multi Vision)17,
we may conclude that those in category (5) are not selected for the list. Two Taiwanesecompanies, Hotung Investment Holding and Lankom Electronics Limited, are included in
the list, perhaps due to Chinese embassy’s principle of treating Taiwan as part of China.18
Despite that the list of “China-related companies” may not be a product ofrigorous selection, it is the best data source available to study China-originatedcompanies in Singapore. Excluding the two Taiwanese companies, I summarize somefeatures of the companies in this list:
1. Most companies use non-Singapore currencies for capital and performance accounting
but most (38) use Singapore dollar for share trading (Table 1).

Table 1.

Currency Usage of China-related Listed Companies in Singapore (2004)
Authorised capitalvalued in

US$
HK$
RMB
S$

11
21
2
20

Currency ofissued and paid
up capital
11
21
2
20

Currency ofshare trading
11
5
0
38

Currency unit
for annual
reports
13
18
7
16

Source: www.sgx.com

2. Most of these China-related companies were listed since second half of the 1990s(Table 2). It is worth noting that, according to Singapore Exchange, from January 2001 to
mid 2004, a total of 35 China-originated companies had been listed in Singapore stock
market “through various means”, of which 17 became listed in the first half of 2004.19
Table 2. Listing Date Summary
Before 1991
1991-1995
1996-2000
2001-2004
Not recorded

5
12
27
9
1

Source: www.sgx.com
17

Tan, op. cit.
A check of two companies’ profile does not suggest strong business interests in mainland China.
19Xu, op. cit.
18

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3. All China-related companies have issued and paid-up capital over S$ 2.49 billion andannual sales above S$ 3.9 million. Almost all (except one) have been profitable.
Table 3. Size of China-related Companies in Singapore
Unit: S$’000
Mean
MedianStandard deviation
Maximum
Minimum

Issued & Paid-up Annual Sales
Profit Rate
Capital(2003-04)
86,804,261
978,572
24%
50,980,044
392,033
19%
100,276,374
1,850,989
21%
520,482,279
7,497,000
74%
2,490,244
3,960
-65%

Note: Annual sales are based on most recently available annual (or half-year) reports in 2003 or 2004.

4. China-related companies are concentrated in manufacturing (41%) wholesale trade(18%) and transportation & public utilities (11%).

Transportation &public utilities
11%
Wholesale trade18%
M anufacturing
41%
Retail trade2%
Finance, insurance, &real estate
9%Construction
8%

Figure 1

M ining1%Services
10%

Business Scopes of China-related Companies in Singapore

3. CAUSES OF COE DEVELOPMENT IN SINGAPORE
The rapid growth of China-originated enterprises in Singapore is due to several causes.
Based on anecdotal observations, we may highlight the following.

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第１セッション〈経済〉

1. Conducive business environment. In words of Chen Jiulin, president of China
Enterprises Association (Singapore), “Singapore’s excellent location, robust legal
system and good infrastructure make it an oasis for Chinese firms that want aplatform to launch themselves.”20 Compared to Singapore, China is still an
emerging market economy, where many market-based institutions (such as capital
market facilities) are underdeveloped and irregularities in business practice areprevailing. To China-originated companies, a SGX listing gives them a stamp ofcredibility in the eyes of the financial markets thanks to better regulations on
corporate governance in Singapore. A CEO of a Chinese company listed in SGX,
the United Environment, says that “being a Singapore-listed company is a brandname in itself.” 21 To some Chinese business persons, “there’s a certain credibility
in having a Singapore address on your business card.”22
2. Cultural and business links. Chen Jiulin pointed out that “Singapore’s East-meetsWest culture makes it an easier venue from where Chinese businesses are able tocommunicate with international capital markets.”23 While its population are
predominantly Chinese descendents, Singapore is perhaps Asia’s mostWesternised city, with English as the official language for business and education.
As the base of 6,000 multinational companies, the city state has nourishedWestern and Asian influences for years. All this makes this city-state extremely
appealing to Chinese business persons.
3. The “Trojan Horse” effects. Singapore has signed free-trade agreements with the
US, Japan, Australia, and New Zealand. It is also a member of ASEAN FreeTrade Agreement and has special trade and investment arrangements withIndonesian government on several Indonesian islands in Singapore’s
neighbouring waters. Singapore is actively negotiating FTA terms with a numberof other countries. Some analysts thus believe that China-originated companies
registered in Singapore may use the city-state as a “Trojan Horse” or a back-doorchannel for shipping to the United States and Singapore’s other FTA partners to20

Tav, op. cit.
Tav, op. cit.
22
Reuters, op. cit.
23
Tav, op. cit.
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bypass the tensed trade relationship between China and these countries. “It could
be that China has an interest in getting US pressure off its back,” said Mr Jan
Lambregts, head of Asia-Pacific research at Rabobank. “Still, what may start out
as a back door, may over the years grow into real investments, as Chinesecompanies increasingly come in touch with Singapore and mutual business
relationships have a chance to develop.”24
4. Lower listing barriers. As observed by Zhou Hongli, China’s Counsellor ofCommerce in Singapore, compared to China’s stock exchanges, the listing
conditions at SGX are more flexible with fewer constraints and greatertransparency. Chinese companies, especially small and medium-sized ones, may
save tremendous time and transaction costs by seeking listing in SGX rather thanin China’s stock exchanges.25
5. Singapore government’s “springboard” policy. Being a regional hub for
multinational firms, Singapore has been keen to attract foreign companies to beincorporated in the city state. Since the early 1990s, Singapore government has
made systematic efforts to ride on China’s economic rise. Singapore leaders havebeen well aware that “in the past ten years, China, especially its coastal belt, has
undergone a vast transformation. Chinese companies are growing in strength. It is
no longer just ‘yin jin lai’, or attracting investments. Driven by economic andpolitical imperatives, Chinese companies need to ‘zou chu qu’ or venture
overseas.” “Singapore can be a useful springboard for Chinese companies who are
venturing abroad.”26 Under this guideline, SGX has in recent years actively
enticed Chinese companies to be listed in Singapore market. Meanwhile,
Economic Development Board (EDB) has been successively attracting giant
Chinese companies to invest in Singapore. For instance, recently Genesis (China)
Investment Holding Company decided to move its Asia-Pacific headquarters from
Hong Kong to Singapore and pledged to invest S$100 million in high-tech plants
over 3 years in Singapore. Another company, Equation NanoTech, a Chinese firm
24

Reuters, op. cit.
Zhou H., “We help Chinese companies to be listed in Singapore”, www.sgx.com/
chn_emb/Speech_By_AST.html.
26
Lee Kuan Yew, Speech at the Ceremony to Mark the Achievements of Suzhou Industrial Park’s 10th
Anniversary, 10 June 2004, stars.nhb.gov.sg.
25

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specialising in consumer products engineered with nanotechnology, hascommitted to invest $6 million in two phases to build a packaging cum
manufacturing plant in Singapore. The decisions by both companies arereportedly to be the result of “aggressive courting by the EDB’s Beijingbureau”.27 In 2004, Singapore government has also helped China set up aninternationalisation centre in the city-state for Chinese high-tech enterprises.28

27

Tav, E., “Role reversal: China firms set up plants in Singapore”, Straits Times (Singapore), 13 October
2004.
28
Lim Hng Kiang, op. cit.

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China has successfully developed
itself into:

China-originated Enterprisesin Singapore: Some
Preliminary Observations• a “world factory”• a new global economic
powerhouse• a new source of global capital?

Lu, Ding䰚ϕNational University of Singapore
www.geocities.com/ecslud
www.china-review.com/fwsq/ld.asp

November 20042

Overall Trends and Features

We will discuss• some general trends of China-originatedinvestment in recent years and theChinese government’s policy in this regard• some preliminary observations of Chinaoriginated companies (COEs, zhongzi qiye)in Singapore• causes of COE development in Singapore• By end of 2003, Chinese companies had
invested US$33 billion in 7,470 companies
throughout more than 160 countries andterritories.

• Features:– These companies have ventured into geographicalareas well beyond Hong Kong, Macao and a few
OECD countries– resource excavation has been a hot area of business.

3

4

Trends and Features

Causes• Growing strength of some Chinesecompanies– offshore processing trade accounted for US$
1.37 billion of contractual investment in over
500 projects– large enterprises have played a major role inoutward investment.
– They have opened more channels foroverseas investment.

• Opening subsidiaries overseas makes it easierfor Chinese companies to raise capital• Government support has given important
impetus• Having overseas business operations provides
more leeway for firms to transfer funds overseas
under capital account controls
5

6

237

第１セッション〈経済〉

China-originated Enterprises In
Singapore

Five Categories of COEs
1.

• Singapore has been one of the mostfavourite venues for the China-originatedcompanies.
A difficult issue is identification.
• For our research interests, we want to
identify those companies originated from
PRC, or mainland China.

Singapore subsidiaries of parent companies
registered and located in mainland China;
Singapore subsidiaries of parent companies
registered and located in a third territory, such as
Hong Kong or US, of which the main shareholders
are from mainland China;
Companies registered in Singapore with the main
shareholders from mainland China;
Singapore companies indirectly controlled byinvestors from mainland China;
Joint ventures between mainland Chinese
investors and investors from Singapore and otherplaces.

2.

3.
4.
5.

7

8

“China-related companies”
listed in SGX

Features of these companies• Chinese embassy at Singapore hascompiled a list of 56 “China-relatedcompanies” (as of October 2004) at
Singapore Exchange website.

•Most companies use non-Singapore
currencies for capital and performanceaccounting but most (38) use Singapore
dollar for share trading
Table 1.

Currency Usage of China-related Listed Companies in Singapore (2004)
Authorised capitalvalued in• Despite that the list may not be a productof rigorous selection, it is the best data
source available to study China-originatedcompanies in Singapore.

US$
HK$
RMB
S$

11
21
2
20

Currency ofissued and paid
up capital
11
21
2
20

Currency ofshare trading
11
5
0
38

Currency unit
for annual
reports
13
18
7
16

Source: www.sgx.com

109

Features of these companies•Most of these
China-relatedcompanies werelisted sincesecond half of the
1990s

Features of these companies•All China-related companies have issued andpaid-up capital over S$ 2.49 billion Almost all
have been profitable.

. Listing Date Summary
Before 1991
1991-1995
1996-2000
2001-2004
Not recorded

5
12
27
9
1

Size of China-related Companies in Singapore
Unit: S$’000

Source: www.sgx.com

MeanMedianStandard deviation
Maximum
Minimum

Issued & Paid-up Annual Sales
Profit Rate
Capital(2003-04)
86,804,261
978,572
24%
50,980,044
392,033
19%
100,276,374
1,850,989
21%
520,482,279
7,497,000
74%
2,490,244
3,960
-65%

12

11

238

ルー・ディン

Causes of COE development in
Singapore

Features of these companies• Conducive business environment.
• Cultural and business links.

•Business Scopes of China-related Companies in
Singapore• The “Trojan Horse” effects.
• Lower listing barriers.
• Singapore government’s “springboard”
policy.

Transportation &public utilities
11%
Wholesale trade18%
M anufacturing
41%
Retail trade2%
Finance, insurance, &real estate
9%Construction
8%

M ining1%Services
10%

13

14

239